CICC warns vs. rise in crypto, dollar investment scams in PH

By Raymond Carl Dela Cruz, Philippine News Agency

These scammers, he said, are mostly foreigners who promise high-yield investment in cryptocurrency and often create a false sense of urgency to push unsuspecting victims to invest quickly. (File Photo: Jeremy Bezanger/Unsplash)

MANILA – The Cybercrime Investigation and Coordinating Center (CICC) on Thursday warned the public against a rise in investment scams in the country, particularly cryptocurrency (crypto) due to its skyrocketing prices in the global market.

In a statement, CICC Executive Director Alexander Ramos said 14 victims of crypto and dollar scams have filed complaints with the CICC since last week.

“This coincides with the release of the video message of the US-based Federal Trade Commission alerting the public of a surge in investment scams in the Philippines and urged victims to report to CICC and other law enforcement agencies,” Ramos said.

These scammers, he said, are mostly foreigners who promise high-yield investment in cryptocurrency and often create a false sense of urgency to push unsuspecting victims to invest quickly.

“Scammers also claim that offers are limited and assert that victims might miss out on an incredible opportunity,” he said.

The 14 victims, he said, had been asked to invest between USD100 to USD1000 which they had to deposit to a foreign account.

Once the money is deposited, the scammer will cut off communication with the victim.

He reminded the public to do research about any form of investment before making any payment or deposit.

“Check with government regulatory agencies if such companies have the license to do business before investing. Remember, no investment is risk-free,” he said.

Victims of investment scams and other cybercrimes may call the Inter-Agency Response (IARC) toll-free hotline at 1326.

The hotline operates round-the-clock from Mondays to Sundays, including holidays.